EverBank offers high certificate of deposit rates when compared to its competitors. Its Yield Pledge® CDs earn at more favorable rates than the bank’s Basic CDs, which still have much higher rates than many of EverBank’s competitors. The Bump Rate CD also starts at an incredibly high rate, even giving you a one-time option to boost your rate during the account’s term if interest rates increase.

The LIBOR Index CD works a little differently, offering a variable rate that’s directly tied to the three-month London Interbank Offered Rate (LIBOR). So every time the LIBOR rate changes, your CD rate will change, too. Finally, while the CDARS® Service accounts main offering is higher FDIC protection, each term still offers rates above 1%.

EverBank compounds interest daily.

Yield Pledge® CD

If you’re looking for high interest rates on accounts you can easily ladder, the Yield Pledge® CDs are excellent options. You can open accounts from three months to five years long, with a $5,000 minimum deposit. There is no monthly maintenance fee to hold these accounts.

3.5-Year Bump Rate CD

The 3.5-Year Bump Rate CD offers exactly what its name suggests. The term lasts for three-and-a-half years and offers a one-time rate bump. This means that if the offered interest rate goes up at any time in those three-and-a-half years, you can request an increase in your rate. Just keep in mind that you can only do this once and you can open only one account at a time. These CDs require at least $1,500 to open.

3-Year LIBOR Index CD

The 3-Year LIBOR Index CD offers even more flexibility than a one-time rate bump. This is because the account’s rate is tied to the three-month London Interbank Offered Rate (LIBOR). The three-month LIBOR rate is added to EverBank’s margin rate to determine your CD rate. So when the LIBOR rate changes, your CD rate will also change. Again, you’ll need to open this account with at least $1,500.

CDARS® Service

If you’re looking for a way to insure large sums of money with the FDIC, you can look into opening a CDARS® Service account with EverBank. The FDIC only ensures up to $250,000 per customer at any single bank. However EverBank gets around this by pairing with Certificate of Deposit Account Registry Service® (CDARS®) to distribute funds into CDs at other banks in the CDARS network, without exceeding the $250,000 limit at any one bank.

You can open accounts of three months, six months, one year, two years and three years. The first three options carry a funding limit of $12.5 million, while the two-year account’s limit is $2.5 million and the three-year CD limits your funds to $1 million. To participate in this service, you’ll have to provide EverBank with a list of the banks where you currently hold deposits and a signed CDARS® Deposit Placement Agreement. The minimum deposit is $10,000, but clients typically use this service to insure and invest millions of assets.

Basic CD

The Basic CDs are similar to its higher-yield counterparts. You have options from three months to five years, which means you can use these CDs to create a CD ladder if you’d like. While these rates are lower than the Yield Pledge® CD rates, they all still above 1%, beating out many of the bank’s competitors. Plus, you only need a minimum of $1,000 to open these Basic CD accounts.

Overview of EverBank CDs

EverBank has the most extensive certificate of deposit offerings out of the dozens of banks SmartAsset has reviewed. You can choose from Yield Pledge® CDs, Bump Rate CDs, a LIBOR Index CD, a CD that benefits from CDARS® Service and Basic CDs. You also have a range of term lengths to choose from, ranging from three months and five years. These multiple options allow you to open the CD that best fits with your savings goals.

EverBank CDs rollover automatically, except CDARS® Service accounts. For those accounts, you’ll need to contact EverBank to request a rollover. You’ll receive an alert 15 days before your CDARS® Service account’s maturity date and a 20-day alert. That way, if you want to withdraw or transfer any funds, or make changes to the account, you’ll know when you can do so. This is especially helpful for accounts longer than a few months.

As always with a CD, you’ll want to be careful about making early withdrawals. These are withdrawals of any part of the account’s principal balance before the account’s maturity date. If you do this, you’ll face a penalty of a certain amount of interest earned, depending on the type of EverBank CD you own and your term length. This often makes early withdrawals almost useless since you’re losing the money you earned with the account.

How Much You Earn With EverBank Certificate of Deposits Over Time

Since EverBank offers so many CD accounts, how much you earn will very much depend on the account you choose and your initial deposit. For example, you can only open a Pledge® CD if you have $5,000 to deposit. That gives you access to higher rates than EverBank’s Basic CDs. The longer terms do have higher rates, for both Pledge® CDs and Basic CDs, although you shouldn’t open a five-year account with a higher rate if you’ll need the funds sooner than that.

The 3.5-Year Bump Rate CD gives you a unique opportunity to raise your rate at some point within those three and a half years. So the estimates below won’t reflect your actual earnings if you choose to raise your rate.

The same goes for the 3-Year LIBOR Index CD. The account’s rate changes every three months with the LIBOR Index, making the following estimates even more flexible.

Initial Deposit

6-Month Yield Pledge® CD

6-Month Basic CD

60-Month Yield Pledge® CD

60-Month Basic CD

3.5-Year Bump Rate CD

3-Year LIBOR Index CD

1-Year CDARS® Service

$1,000

$1,007

$1,006

$1,136

$1,122

$1,084

$1,054

$1,018

$2,500

$2,518

$2,515

$2,840

$2,805

$2,710

$2,635

$2,545

$5,000

$5,036

$5,030

$5,680

$5,609

$5,419

$5,270

$5,089

$10,000

$10,073

$10,060

$11,360

$11,219

$10,838

$10,539

$10,179

How EverBank CDs Rates Compare to Other Banks

EverBank outperforms other banks and their CD offerings simply by having so many CD options to choose from. You can choose a Yield Pledge® CD if you have thousands of dollars to deposit or you can open a Basic CD with $1,000. If you have multi-million dollar deposits, you can take advantage of the bank’s participation in the CDARS® network. EverBank also has options for people who want more variable rates with its Bump Rate and LIBOR Index CDs.

In terms of rates, EverBank’s Basic CD rates come pretty close to its competitors, even outperforming some Capital One and Marcus by Goldman Sachs rates. EverBank Yield Pledge® CDs go even further, beating out all the competition as you can see in the table below.

Should You Get an EverBank CD Account?

While EverBank offers a wide range of CDs, it’s important to know that each account requires a high minimum deposit. The Basic CDs require the lowest amount, at $1,000. So if you don’t have at least $1,000 to deposit upfront, EverBank won’t be the right choice for you.

If you can meet the required minimum amounts, you can take your pick of which EverBank CD works best for you. For those with millions to deposit, the CDARS® Service accounts are the best for you. For those looking for the highest rates on a standard type of CD, you’ll want to consider the Yield Pledge® CDs. With 10 different terms, you can also easily ladder these accounts, opening a multiple accounts at a time with varying maturity dates.

If you’re looking for a more flexible rate, the Bump Rate CD and LIBOR Index CD would be your best bets. These accounts are longer term, at three-and-a-half years and three years, respectively, so you’ll need to be prepared to wait a while to benefit from the account’s earnings.